Funding your Social EnterpriseGrowing a Social Enterprise in the West Midlands ispartially funded by the European RegionalDevelopment Fund
HousekeepingMaking your visit safe and enjoyable for all.
HousekeepingToilets are located in the reception area to the left of the exit/ entrance doors.If the Fire Alarm sounds – please make your way to thefar side of the pay and display car park.Smoking is not allowed in any part of the SWEDA building.If you wish to smoke you can do so at the side of the buildingnearest the car park.Please switch off your mobile phones or set them to silent.
Identifying available fundingFocus on the ‘Needs of the Community’ to identify funding
Identify available fundingCommunityProfileUse of ProfitRisks – if DoNothingImpactWho is leading and Why?Individual / GroupFundingOpportunitiesNeedsWho Can Pay?Who Benefits?Who Should Pay?How identified?Independent EvidenceDifferentProfilesmay requiredifferentorganisationalstructuresMeasurableVisibleReportableBusinessThe Social Impact
Identify available fundinghttp://www.bigsocietycapital.com/finding-the-right-investment/
Identify available fundingThe Big Lottery including:• Awards for All - £300 to £10,000• Reaching Communities - £10,000 to £500,000• Heritage Fund• Children in Need• Fund 101• ERDF / ESF / Leonardo• Charitable Trusts• Charity Bank – www.charitybank.org• UnLtd - http://www.unltd.org.uk/• Co-operative Bank - www.co-operativebank.co.uk• Large organisations with published CSR (Corporate Social Responsibility)
SMBC External Funding TeamClaire Edwards - Local help with funding
Project BudgetingRecognising all your costs with links to impact
Project BudgetingBuilding / Office Inc. Fixtures and FittingsPeople Inc. Volunteers (Health and Safety)Bills / Running CostsTransport – Van / Car (NB: Business Insurance Cover)A Day in the life of the Social Enterprise
Project BudgetingNeed to use standard accounting tools• Cash Flow• Profit and Loss• Balance SheetNB: Asset Lock (CIC), may also have restricted / unrestricted fundsFunders will need some if not all of the above, together with:• Monitoring Reports – Milestones with figures (income / expenditure)• Some funding restricts or prevents certain activity e.g. Sponsorship income• Some funding looks for Match from own funds or revenue generationIf you can calculate your Social Return on Investment.
Writing a Successful funding applicationCheck List:• Revenue and Capital requirements (may need different funding)• Make sure that the funding is appropriate to the impact• READ the question – ANSWER the question• Watch out for word counts• If have to complete on-line, can you draft off-line• Get someone to critique / check your application• Don’t double guess the readers response – keep to the facts of your project• Right Legal status – number of officers• Supporting community – part of a steering group• Consider partners / associates as part of your bid
Opening an appropriate bank accountWhat you will need to take with you:• At least 2 forms of I.D. for everyone who will sign on the account (Inc. 1 photo I.D.)• Certificate of Incorporation for Co. Ltd by Guarantee or CIC.• Letter Headed paper• Constitution – minutes of committee meeting.Note: those signing on the account will be subject to a credit check e.g. Experian if anymembers have credit problems this may prevent them being a signatory.You may also be asked for your cash flow.Most charity / social enterprise accounts require 2 to sign – therefore a mandate for thethose signing will be provided by the bank for signing (need to have the signatoriespresent)Questions on the account opening form (all important) can stop account opening.